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AUD/CAD Wave Analysis for September 21, 2012

2012-09-21 14:21:50 (читать в оригинале)

AUD/CAD Elliott Wave
Since our last analysis, the AUD/CAD pair was trading in a upward move, developing corrective wave B (coloured blue) of the bigger (2) wave (coloured green). Yesterday during the early Asian session, we could observe a strong descending movement from 1.0210 towards the 1.0156 level. Therefore, during the European and New York sessions, the AUD/CAD pair did not manage to hold this level and the price retrace back to 1.0200. Today this currency pair continued trading in a bullish mood reaching 1.0240 level and we can consider this move as the end of the corrective B wave (coloured blue). In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring A wave, with Take Profit at 1.0128 (100% of wave A). To reduce the risk, we can use resistance at 1.0250 level as Stop Loss. Also it is necessary to monitor the CAD Core CPI m/m, CPI m/m, Wholesale Sales m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1.0131 (S2) 1.0153 (S1) 1.0167 (PP) 1.0189 (R1) 1.0211 (R2) 1.0225 (R3) 1.0247
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0220 with Stop Loss 1.0250 and Take Profit at 1.0128 are recommended.

The material has been provided by Instaforex Company - instaforex.com

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EUR/JPY Candlestick Analysis for September 21, 2012

2012-09-21 14:14:50 (читать в оригинале)

Daily

The quotes fixed under the correctional level of 50.0% - 102.76% Fibonacci. Thus, we can assume the quotes will drop during the next few days. As a result, the quotes decline may continue towards the correctional level of 38.2% - 100.71 Fibonacci. If the quotes fix above 50.0%, the acceleration may extend towards 61.8% - 104.77. No new candlestick formations were built. It complicates slightly the situation as there are no signs of possible changes. The pair can make a rebound from the correctional level of 38.2% and a turn of quotes in favor of the euro, especially, if the bullish candlestick formation is formed near the level.

4h

On 4H time frame the quotes fell to the correctional level of 100.0% - 101.60 Fibonacci after bearish candlestick formation Harami was built and it fixed under it. Thus, the rate fall may continue towards the correctional level of 76.4% Fibonacci – 99.83. Fixation of EUR/JPY above the correctional level of 100.0% will mark the turn in favor of the euro and reverse towards the correctional level of 161.8% - 106.24 Fibonacci. But the building of bearish candlestick formation will intensify the anticipation of the quotes fall to the correctional level of 76.4%.

The material has been provided by Instaforex Company - instaforex.com

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QE3 is Due, What is Next?

2012-09-21 12:52:15 (читать в оригинале)

 

Last week The Fed and the ECB specified their further monetary policies which contributed to the shares’ growth to the maximum of 2007, while the single currency continued its uptrend against major currencies.
The Fed’s QE3 and the ECB’s bond purchase program came out in line with some other major economic news, in particular report on employment from the USA and German court decision on the ESM.
The results show that these measures helped S&P500, Dow Jones Industrial Average, and Nasdaq Composite to grow from 2% up to 3% for the month.
Investors’ decisions are influenced by the US upcoming elections in November and overall situation in Europe.
Let’s focus on major fundamental components.
China.
Recently we got the data on Chinese economic growth after manufacturing PMI was released.
Thus, PMI data from China was not so encouraging. Moreover, the market participants are discussing the possibilities of economy stimulation by means of monetary easing in the Eurozone and the USA.
Despite all stimulation measures carried out by Beijing, from new infrastructural projects to interest rates cut, indicators show that Chinese economic growth is slowing down.

The material has been provided by Instaforex Company - instaforex.com

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AUDUSD Point and Figure Chart

2012-09-21 12:32:27 (читать в оригинале)

 

AUD/USD 203 Chart:
On 203 chart the pair resumed its downward movement and overcame the support level of 1.042.
From the level of support 1.038, it continued the growth.
Target for buyers is placed at resistance level of 1.048. In case the pair breaks it through, it will provide a buy signal and will enable 1.062 level.

 

 

AUD/USD 103 Chart:
On 103 chart we can observe that the sellers managed to overcome support level of 1.041 which contributed to the further descending movement of the pair.
The prevailing tendency changed to downward.
If the sellers will break through the support level of 1.037, it will be possible to reach 1.03.
We recommend to buy the pair after resistance level of 1.049 is breached.

 

 

The material has been provided by Instaforex Company - instaforex.com

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EUR/JPY Intraday Technical Analysis

2012-09-21 12:25:53 (читать в оригинале)

 

The spot rate broke bounced off on the lower limit of its medium term bearish channel at 100.80 and approaches now the intermediate resistance of this one at 101.80 suggesting a decline. However, a break of these levels will free a large potential and reach the upper limit of its channel at 102.40.

Technical indicators provide buy signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short-term.

As the spot rate is currently testing the resistance of its channel, we suggest 2 scenarios: the first one is the hypothesis of a decline where we recommend a sell at the level of 101.80 with the 1st objective at 101.20 and then at 101.00. A breakthrough of 102.00 will invalidate this scenario. The second scenario is a break of its resistance where we recommend a “buy stop” which means buying the spot rate as soon as it is broken through its resistance of 101.80 with the 1st objective at 102.40 and then at 102.60. A breakthrough of 101.60 will invalidate this scenario.

The material has been provided by Instaforex Company - instaforex.com